A lot of people who are looking to get into the real estate market will start out with a basic home within city limits. Often, these homes are townhouses or condominiums that offer easy access to local hotspots as well as job markets. Like any major metropolitan center, Mississauga has a wide range of condos and townhouses available for first time buyers, with plenty of models and prices from which to choose.
Condos are highly sought after by first time buyers because they are easily resold when the time comes to move up. In recent months, however, there have been questions as to just how great a deal it is to invest in one of these buildings. The first knock against them is the high monthly fees; these fees are only likely to increase as the years go by. Sure, it is nice to have a pool and recreation facilities, but you must weigh the costs against the frequency with which you will use these amenities. You should also consider the future, when it comes time to leave your condo for a standalone unit. With new condo projects being started all the time, older condominiums are not as likely to gain in value as many developers would have you believe.
Despite recent warning signs, condos remain popular due to their accessibility and the creature comforts they provide. Some new complexes within the Mississauga area include Kingsbridge Gardens (one and two bedrooms), Kingsbridge Gardens Circle (1 to 3 bedrooms), Erin Center Boulevard, and Burnhamthorpe Road. It should be noted that the developments on the harbour of Lake Ontario are likely to cost more, but often also come with much better amenities such as central air, 24 hour security, and better recreational facilities.
For those who like the idea of the proximity and low maintenance needs that a condo has to offer, but do not want the added costs of membership fees and higher strata, a townhouse might be just the thing. Townhouses have some similar drawbacks to condos, in that new developments continually being built tend to dampen some potential gains in the long run. Nevertheless, townhouses can be perfect for small families just looking to crack their way into the market within a good distance to centres of employment.
Townhomes are available at an incredibly vast range of prices in Mississauga, from a low of $118,000 at a complex on Roche Court (with three bedrooms) to a whopping $939,000 asking price for a three bedroom home on St. Lawrence Drive.
As the prices for both condos and townhouses illustrate, the definition of “starter” home greatly depends on who is doing the starting. In general, both types of homes are more affordable than stand alone houses in the same neighbourhood, and are therefore considered suitable for new buyers in order to gain a toehold on the market. First time buyers should always make sure to carefully research housing trends in the neighbourhood, and for the type of property in which they are investing, before completing the sale.